Bundesbank President and European Central Bank council member Jens Weidmann said there’s no cause for concern about inflation in the short term, German newspaper Rheinische Post reported.
“There’s no reason for immediate concern about higher inflation,” Rheinische Post quoted Weidmann as saying in an interview. Recessions in several euro-area countries and slower global growth are curbing price pressures, he said.
For Germany, Weidmann doesn’t expect the inflation rate to exceed 2 percent in 2013, Rheinische Post reported.
Referring to the ECB, Weidmann said that the Governing Council is “technically” in a position to exit from “expansive monetary policy” at any time. “However, we also must have the political power to do so,” he said, according to Rheinische Post.